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ChefDRG

ChefDRG

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Hi again!
I had poked around the forum a bit in 2016--but 2017 is going to be the year for me. I'm gathering documents to get pre-qualified, have saved my wad and have my eye on a few inns. My question is about brokers--mainly the big name broker. Any positive or negative feelings/experiences with them? I've reached out to them and every response includes a strong suggestion to take their seminar. I attended a workshop through my local B&B association earlier this year and while it was more vague than comprehensive, the big broker seminar schedule doesn't have anything that works with my schedule until April and I had hoped to be moved in by then. Is it worth doing another seminar? Do y'all think it's necessary? Is using a broker even necessary? Or is there a better way? Thanks :)
 
Hi there. If you've already done an innkeeping seminar (I assume that's what you mean) then I would hold off until you get ready to purchase THE place and try to attend an innkeeping seminar with hands on, feet to the fire, working experience nearby. And, best of all possibilities, innkeepers you are buying from that will let you shadow them as you transition to ownership. That is the best kind of 'seminar'.
No, you don't have to use an inn broker. But they can be really helpful in steering you towards a place ... just remember they are working on a commission.
I highly recommend buying a turnkey operation ... not a house with potential to become a b&b. So many times I've heard of realtors making it sound like a cake walk to take a home and convert it to a b&b only to be hit by legal roadblocks, zoning issues, licensing problems, neighbor opposition, etc. Turnkey is the best - you can always upgrade and modify what's there. Starting from scratch is very hard.
How exciting for you.
 
And make sure it was NOT grandfathered in when zoning changes were made. Make sure that it can be a B & B AFTER the sale but check BEFORE you sign.
 
seashanty said:
Hi there. If you've already done an innkeeping seminar (I assume that's what you mean) then I would hold off until you get ready to purchase THE place and try to attend an innkeeping seminar with hands on, feet to the fire, working experience nearby. And, best of all possibilities, innkeepers you are buying from that will let you shadow them as you transition to ownership. That is the best kind of 'seminar'.
No, you don't have to use an inn broker. But they can be really helpful in steering you towards a place ... just remember they are working on a commission.
I highly recommend buying a turnkey operation ... not a house with potential to become a b&b. So many times I've heard of realtors making it sound like a cake walk to take a home and convert it to a b&b only to be hit by legal roadblocks, zoning issues, licensing problems, neighbor opposition, etc. Turnkey is the best - you can always upgrade and modify what's there. Starting from scratch is very hard.
How exciting for you..
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Thanks for your input! I was looking up north but something popped up on radar in my state, so I'm arranging to view it in the next few days. It was an 8 room B&B but is currently closed ("B&B license is assumable"). I'm looking forward to learning more about it--I have many questions.
 
One seminar should be all you need. Brokers are looking to make more money off of you. If you are considering a closed property be sure and do your due dillegence and ask lots of questions and don't just take someone's word.get everything in writing!!!
are you sure we can't convince you to buy JB's wonderful property
 
EmptyNest said:
One seminar should be all you need. Brokers are looking to make more money off of you. If you are considering a closed property be sure and do your due dillegence and ask lots of questions and don't just take someone's word.get everything in writing!!!
are you sure we can't convince you to buy JB's wonderful property.
Click to expand...
I wrote an essay for that B&B when I was in the dreaming phase. Now I'm looking for something bigger with specific criteria. It's a beautiful property and I like the 2-bedroom owner's quarters (a must for me). Hang in there, JB--the right buyer is out there!
 
TheBeachHouse said:
I trust the local real estate brokers. They know the business community..
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They may know the business community but do they really understand B & B business? Lots around here will try to stick you in a home with 5 bedrooms and 1 bath and say it will make a great B & B? ANything to get a sale.
devil_smile.gif

 
Stick in the mud alert
Brokers may only be doing seminars for:
1) to drum up business (you., they will get a % of what they sell you on your behalf and possibly double that to represent seller AND buyer)
2) they can't sell many B&B's so do this to pay the bills
We chuckled on a drive today about what we were told that was simply not correct. I would not recommend them. But doing your homework I would recommend, always do!
PS>thanks. Appreciate your kind words.
 
JBloggs said:
Stick in the mud alert
Brokers may only be doing seminars for:
1) to drum up business (you., they will get a % of what they sell you on your behalf and possibly double that to represent seller AND buyer)
2) they can't sell many B&B's so do this to pay the bills
We chuckled on a drive today about what we were told that was simply not correct. I would not recommend them. But doing your homework I would recommend, always do!
PS>thanks. Appreciate your kind words..
Click to expand...
This is why I ask these questions here--real answers. Thanks for your honesty!
 

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